NII HOLDINGS, INC. (NASDAQ:NIHD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed by NII Holdings, Inc. (the “Company”), the Board of Directors approved an organizational restructuring of the Company to further streamline expenses by shifting the costs and associated responsibilities from the Company’s headquarters in Reston, Virginia to its operating subsidiary in Brazil. In connection with this restructuring, the Board of Directors approved a form of Separation and Release Agreement (the “Agreement”) for Daniel Freiman, Chief Financial Officer, and Shana Smith, General Counsel. The Agreement, which is expected to be executed by these officers in the event of their termination of employment with the Company, was provided to the officers on November 13, 2015 and was updated in 2017 to provide for a target termination date of April 1, 2018.
On March 6, 2018, the Board of Directors of the Company updated the Agreements with Mr. Freiman and Ms. Smith to provide for a target termination date of April 1, 2019, but when termination will occur has not been determined. Mr. Freiman and Ms. Smith were also provided a payment equal to one year of base salary to be paid in April 2018 in connection with their agreement to remain with the Company.